Millennials Outpriced from Creating their Dream Home
Generation X (41-56 years old) has emerged from the pandemic as the most likely age group to renovate their homes, according to new data from Quotezone.co.uk.
Before the pandemic the average age of home renovators was 37, but this has now jumped to 49 in 2022, post pandemic – although the change isn’t necessarily a result of growing disinterest from the younger generations, but more likely an issue of cost.
It’s widely known that consecutive lockdowns prompted a spike in renovations from all age groups as people spent more time at home. However, the rising cost of building supplies, and shortages of both skilled workers and materials, such as timber, plaster and steel, has pushed the price of house transformations up considerably. Although product availability has now improved, material prices have increased by nearly 25% this summer* due to a combination of price inflation, energy price rises and the Ukraine conflict.
These rising building costs, coupled with the cost-of-living crisis, has made it difficult for younger homeowners to attempt renovations. However, as many continue to feel the squeeze, Quotezone.co.uk shares savings tips for those looking to transform their houses:
- Three is the magic number: Avoid settling for the first price quoted. Ensure multiple suppliers have reviewed the job ahead of a big project to help the budget go further.
- Do it Yourself: Be realistic about your skillset before identifying what you can do yourself and what you need to outsource. The right balance could leave you with a professional finish and an under-budget project.
- Split the bill: You’ll save on some fixed costs if neighbours are carrying out similar projects at the same time, so it’s worth researching who’s doing what in your area such as extending along a shared party wall. By doubling up, you could enjoy economies of scale with costly materials.**
- Don’t blow the budget: Before you budget consider the costs of all your materials, fittings and finishings, not forgetting any fees incurred with building regulations, skip hire or rubbish removal costs, as well as architect, surveyor or structural engineer fees.***
- Never presume: When undertaking any type of home renovation, either internal or external, never assume that you have the correct house insurance without double checking. Some standard home insurance policies don’t cover building work done to the property so you’ll need to call your insurance provider before any work commences.
Greg Wilson, Founder of Quotezone.co.uk, comments: “It’s a real shame but ultimately not surprising that millennials are being priced out of the renovations game. Our data suggests that many homeowners in their 30s, who demographically made up the majority of renovators pre-pandemic, are now unable to transform their homes as a result of the hike in costs around labour and materials as well as the cost-of-living crisis.
“Of course, with the right tools, DIY can be a cost-effective and rewarding way of creating that dream home, but whatever the age group, if homeowners are moving ahead with renovations this year we recommend they review our top tips and take the necessary precautions to reduce the overall budget where possible, while protecting their home during the renovations with the right home insurance policy.”
Quotezone.co.uk enables homeowners to compare over 50 home insurance, landlord insurance, and tenant insurance providers helping over 3 million users find a competitive price and the policy that suits them best.